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Huatai Securities Co Ltd (601688) fair value: what the stock is really worth

We calculate from audited financials what Huatai Securities Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · CN · ISIN CNE100000LQ8

HS Some data Sep 18, 2026

Huatai Securities Co Ltd

601688 · SHG

Low PriorityFair Value upside is limited and quality is weak.

·Fair value ¥19.26 · Fairly valued (+4%)
!Quality 48/100
!Weak Growth (revenue 5y −0.1 %/yr)
✓Highly profitable · 44.4% net margin (TTM)
!Low debt · negative free cash flow
·2.98% dividend yield
✓Ranks above peers (10/12)
✓Wide moat 66/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥25.56 ¥11.59 Fair Value ¥19.26 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.

How to read this chart

60‑month range ¥11.59 – ¥25.56 · fair‑value band ¥14.45 – ¥24.08 · the ¥18.47 price screens below the ¥19.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.

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Company profile

Huatai Securities Co., Ltd., together with its subsidiaries, provides securities and financial services for individual, enterprise, and institutional clients in Mainland China and internationally. It operates through Wealth Management, Institutional Services, Investment Management, International Business, and Other segments.

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Huatai Securities Co., Ltd., together with its subsidiaries, provides securities and financial services for individual, enterprise, and institutional clients in Mainland China and internationally. It operates through Wealth Management, Institutional Services, Investment Management, International Business, and Other segments. The company offers wealth management services, including securities, futures, and options brokerage, financial products sales, fund investment advisory, and capital-based intermediary services; asset allocation; and margin financing, securities lending, securities-backed lending, and stock pledged repurchase services, as well as trades in stocks, funds, and bonds on behalf of clients. It also provides investment banking services comprising domestic and overseas equity financing, bond financing, and financial advisory; prime brokerage services, such as asset custody and fund services; research and institutional sales; equity securities and fixed income investments and transactions; and over-the-counter financial products and transactions services. In addition, the company provides asset management services, private equity investment, alternative investments, and commodities trading and arbitrage services; overseas business; fintech and digital services; and platforms for investment management and banking, FICC trading, cross-border and structured finance, equity derivatives, equity research and sales, and online securities lending. Huatai Securities Co., Ltd. was founded in 1990 and is based in Nanjing, the People's Republic of China.

Stock analysis

Huatai Securities Co Ltd (601688) currently trades at ¥18.47, while our model-based Fair Value estimate is ¥19.26, implying the stock looks roughly 4.1% fairly valued today.

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Valuation

How firm this estimate is: it rests on 17 models at a data quality of 95/100, which puts the evidence level at medium.

Scenario range: ¥14.45 (bear) to ¥24.08 (bull), the price of ¥18.47 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Huatai Securities Co Ltd reported revenue of 32.4B CNY in FY2025 versus 40.9B CNY in FY2021, a compound −5.6%/yr. Reported net income was 16.4B CNY in FY2025, compounding +5.3%/yr from FY2021.

Key figures

Market cap 186B CNY (≈ $27.8B) · P/E ratio 10.1 · P/S ratio 5.12 · EPS (TTM) ¥1.86 · Dividend yield 3.0% · Net margin 50.5% · Return on equity 8.6% · Return on assets (EBIT) 1.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 28% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −23% fair-value upside, at 4%, 601688 screens cheaper than that median.

Fair Value models

Bear ¥14.45 Fair Value ¥19.26 Bull ¥24.08
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.9475 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple ¥14.61 ¥19.49 ¥24.36 53
NCAV (Graham) ¥11.46 ¥15.36 ¥22.92 52
All 2 models by family
Multiples
P/B Multiple ¥14.61 ¥19.49 ¥24.36 53
Asset-Based
NCAV (Graham) ¥11.46 ¥15.36 ¥22.92 52

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Quality Score breakdown

Overall quality 48/100

Of which business quality 53 · Market factors (momentum, volatility) 40

Profitability 34
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 91
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−19.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.1%
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.1%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+11.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.6%
Dividend (yield on the price)3.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9% vs 8%, steady
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.48% → 39%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 459 stocks

Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 57 · Above median
Fair Value upside −2% · Above median
Profitability
Return on equity (TTM) 9% · Above median
Return on assets 2% · Above median
Net margin (TTM) 44% · Top 25%
Operating margin (TTM) 58% · Top 25%
Growth and dividend
Revenue growth 45% · Above median
Dividend yield (TTM) 3.0% · Above median
Balance sheet
Debt / equity 0.31× · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 10.1× · Cheaper than median
P/B 0.90× · Cheaper than median
P/S (TTM) 4.72× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)39 · sector 22
FUTURE (revenue growth)100 · sector 91
PAST (return on equity)34 · sector 30
HEALTH (low debt)84 · sector 95
DIVIDEND (yield)60 · sector 39

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $206.28 $185.57 −10%
The Goldman Sachs Group GS $976.67 $756.89 −23%
The Charles Schwab Corporation SCHW $107.79 $102.31 −5%
Interactive Brokers Group IBKR $91.37 $22.69 −75%
Robinhood Markets, Inc HOOD $104.42 $47.18 −55%
Macquarie Group MQG A$239.64 A$75.58 −68%
CITIC Securities Company 600030 ¥26.45 ¥17.68 −33%
Guotai Haitong Securities Co 601211 ¥17.50 ¥18.62 +6%
East Money Information Co 300059 ¥18.09 ¥4.77 −74%
CSC Financial Co 601066 ¥23.19 ¥35.84 +55%

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Huatai Securities Co Ltd · Fair Value
¥19.26 +4%Fair Value
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Cite: Fair Value Calculator (2026). "Huatai Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601688

Frequently asked questions

Is Huatai Securities Co Ltd (601688) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ¥19.26 versus a price of ¥18.47, about +4% upside (fairly valued).
What is the fair value of 601688?
Our model-based fair value for Huatai Securities Co Ltd is ¥19.26 (as of Sep 18, 2026), built from audited fundamentals. The current price: ¥18.47.
What is the quality score of 601688?
Huatai Securities Co Ltd has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Huatai Securities Co Ltd (601688)?
Our model-based price target is the fair value of ¥19.26 (as of Sep 18, 2026) from 2 valuation models. Cautious scenario ¥14.45, optimistic scenario ¥24.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Huatai Securities Co Ltd stock forecast for 2026?
Our models put fair value at ¥19.26, about +4% upside versus a price of ¥18.47 (fairly valued). Cautious scenario ¥14.45, optimistic scenario ¥24.08. The calculation is refreshed regularly with new filings.
What is the revenue of Huatai Securities Co Ltd (601688)?
Huatai Securities Co Ltd reported trailing-twelve-month revenue of about 39.5B CNY (latest available figure, as of Sep 18, 2026).
Does Huatai Securities Co Ltd pay a dividend?
Huatai Securities Co Ltd currently shows a dividend yield of about 2.98% relative to its recent price (as of Sep 18, 2026).
What is the intrinsic value of Huatai Securities Co Ltd (601688)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Huatai Securities Co Ltd it is ¥19.26 per share (as of Sep 18, 2026), against a price of ¥18.47. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Huatai Securities Co Ltd stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 601688 trades below its calculated fair value: price ¥18.47, fair value ¥19.26, a gap of about +4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 601688?
No. The price is what the market pays today (¥18.47); the fair value is what the company's own numbers justify (¥19.26). For Huatai Securities Co Ltd the two are ¥0.7900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Huatai Securities Co Ltd worth?
The market values Huatai Securities Co Ltd at about 186B CNY (market capitalisation, as of Sep 18, 2026). Per share that is ¥18.47; our models calculate a fair value of ¥19.26 per share.
What do the bullish and bearish scenarios say about 601688?
Our models span a range for Huatai Securities Co Ltd: cautious scenario ¥14.45, base ¥19.26, optimistic ¥24.08 per share (as of Sep 18, 2026, price ¥18.47). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601688?
Huatai Securities Co Ltd trades at a price-to-earnings ratio of 10.1 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥19.26 is built from several models across several years. Other multiples: P/B 0.9, P/S 4.7.
How solid is the balance sheet of Huatai Securities Co Ltd (601688)?
Balance-sheet figures for Huatai Securities Co Ltd (as of Sep 18, 2026): return on equity 8.6%, debt of 0.31 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 601688 from its 52-week high?
Huatai Securities Co Ltd trades at ¥18.47, about 28% below its 52-week high of ¥25.75 and 11% above the low of ¥16.62 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ¥19.26 is for.
Which stocks are comparable to Huatai Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Huatai Securities Co Ltd stock attractive at the current price?
The data as of Sep 18, 2026: price ¥18.47, calculated fair value ¥19.26 (+4%), Quality Score 48/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 601688 calculated?
We run Huatai Securities Co Ltd through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥19.26, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Huatai Securities Co Ltd currently trades 4 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Huatai Securities Co Ltd (601688)?
The closing price on Sep 22, 2026 was ¥18.47. Our model-based fair value is ¥19.26, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Huatai Securities Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Huatai Securities Co Ltd (601688) come from?
Earnings per share at Huatai Securities Co Ltd grew +4.2 % a year from 2013 to 2024. Broken into its drivers: revenue per share +4.6 %, EBIT margin −2.6 %, tax rate +2.6 %, residual (interest, one-offs) −0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Huatai Securities Co Ltd

How large is the market capitalisation of Huatai Securities Co Ltd (601688)?
The market capitalisation of Huatai Securities Co Ltd is 186B CNY (≈ $27.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Huatai Securities Co Ltd (601688)?
The price-to-sales ratio of Huatai Securities Co Ltd is 5.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Huatai Securities Co Ltd (601688)?
Earnings per share at Huatai Securities Co Ltd are ¥1.86 (price ÷ EPS = P/E 10.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Huatai Securities Co Ltd (601688)?
The dividend yield of Huatai Securities Co Ltd is 3.0% (payout 29.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Huatai Securities Co Ltd (601688)?
The net margin of Huatai Securities Co Ltd is 50.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Huatai Securities Co Ltd (601688)?
The return on equity (ROE) of Huatai Securities Co Ltd is 8.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Huatai Securities Co Ltd (601688)?
On an EBIT basis the return on assets of Huatai Securities Co Ltd is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Huatai Securities Co Ltd (601688)?
The operating margin of Huatai Securities Co Ltd is 58.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Huatai Securities Co Ltd (601688)?
Revenue at Huatai Securities Co Ltd is growing +45.0% versus a year earlier (3y avg +2.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Huatai Securities Co Ltd (601688)?
Earnings per share at Huatai Securities Co Ltd are growing +34.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Huatai Securities Co Ltd (601688) generate?
The free cash flow of Huatai Securities Co Ltd is −13.8B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Huatai Securities Co Ltd (601688) hold?
Huatai Securities Co Ltd holds more cash than debt, 314B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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